UPDATE ON OYUT TOLGOI COPPER PROJECT IN NORTHWEST MONGOLIA
On 9 July 2012 General Mining Corporation Ltd (GMM) announced that, through its wholly owned Mongolian subsidiary, Golden Cross LLC, it had secured a joint venture on the Oyut Tolgoi (not to be confused with Oyu Tolgoi in the south of Mongolia) Copper Project, which project adjoins licences GMM presently holds.
As previously advised, Golden Cross LLC can earn a 60% interest in the Oyut Tolgoi licence of 587 hectares by meeting certain expenditure obligations before February 2013 in respect of the tenement, including production of a resource estimation report.
In order to avoid any speculation as to the extent of the expenditure obligation and any consequent need to raise further funds, the Company advises that the expenditure obligation to earn that 60% interest is US$300,000.
The Company is in negotiation with third parties with regard to potential involvement with this project.
In addition, GMM is in the process of finalising its plans with regard to the work to be undertaken in order to be able to earn the 60% interest in the Oyut Tolgoi Licence.
GMM expects to be able to make an announcement shortly with regard to the exploration activities that it will undertake on the project and on GMM’s other wholly-owned exploration projects in Mongolia over the next six months.
We look forward to informing the market as these exciting developments occur.
As previously advised, Golden Cross LLC can earn a 60% interest in the Oyut Tolgoi licence of 587 hectares by meeting certain expenditure obligations before February 2013 in respect of the tenement, including production of a resource estimation report.
In order to avoid any speculation as to the extent of the expenditure obligation and any consequent need to raise further funds, the Company advises that the expenditure obligation to earn that 60% interest is US$300,000.
The Company is in negotiation with third parties with regard to potential involvement with this project.
In addition, GMM is in the process of finalising its plans with regard to the work to be undertaken in order to be able to earn the 60% interest in the Oyut Tolgoi Licence.
GMM expects to be able to make an announcement shortly with regard to the exploration activities that it will undertake on the project and on GMM’s other wholly-owned exploration projects in Mongolia over the next six months.
We look forward to informing the market as these exciting developments occur.
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